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Small Business

Travel Allowances

While travel allowances are quite common in today’s employment arrangements, they are often misunderstood and incorrectly handled when it comes to tax time. Travel allowances are often paid by employers and included on an employee’s payment summary as assessable income, however this does not mean that you can simply claim this amount as an expense. You must first determine whether the...
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Contractors vs Employees - What's the difference?

Contractors and employees – what’s the difference? When hiring a worker it is important to clarify whether they will be classed as an employee or contractor, as it will significantly affect your tax, super and other related obligations. Just because someone provides you with an ABN and an invoice for work undertaken, doesn’t necessarily mean that they are a contractor. Likewise,...
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Fringe Benefits Tax

Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. FBT is a large and often complicated area, however we have outlined the following two most frequently asked questions.   How does Fringe Benefits Tax...
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Business Structuring

Which business structure is right for you? When starting a new business, there are a variety of options in relation to how you set up and structure your business. While we highly recommend getting personal and tailored advice, we have briefly outlined some of the pros and cons of common business structures. Sole Trader     Pros      - Low setup & compliance cos  ...
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WHAT YOU NEED TO KNOW WHEN CLAIMING MOTOR VEHICLE EXPENSES

If you use your car for work purposes you are entitled to claim the expenses that relate to the business usage. There are now only two methods you can use to claim car expenses. To be eligible to claim under these methods you must own the car and keep appropriate records for each method.If you use someone else's car for work purposes, you may be able to claim the direct costs (such as fuel) as a...
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